Wyoming House Creates Bill Establishing Special Banks For Blockchain Biz

Blockchain, Investing, News, Regulation | February 4, 2019 By:

The Wyoming House of Representatives has created a legal framework for special banks designed to serve cryptocurrency and blockchain businesses.

House Bill 74 (HB74) would create a legal framework for chartering “special purpose depository banks.” These banks would be tailored to serve cryptocurrency and blockchain businesses. Many financial institutions currently refuse banking services to blockchain businesses, even to the point that they refuse to accept deposits in US fiat currency from the sale of cryptocurrencies.

HB74 creates financial institutions that specialize in know-your-customer (KYC) and anti-money laundering (AML) integrated into their operating models.

The bill now moves to the Wyoming Senate for further consideration and reconciliation.